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Aimbridge News Detail

-- Integration solution allows real time transmission of loan data --

Denver, Oct. 20, 2005 – The Credit Union Auto Lending Network (CUALN) has implemented the Aimbridge Lending Group’s system integration solution, PowerBridge™ in its member credit unions. CUALN is co-owned by 30 credit unions in Maryland, Virginia and the Washington D.C. area. Aimbridge Indirect Lending is a national distribution channel that connects credit unions with an automotive dealer network to provide members and potential members with automobile loans and leases.

PowerBridge is the latest addition to the Aimbridge Connect® suite of lending tools. It is a technology solution that electronically connects Aimbridge’s lending systems to its customer’s core processing systems allowing for real-time transmission of data. PowerBridge is accessed using the Aimbridge workflow management system, and the AimbridgeConnect suite of lending tools.
Aimbridge initially built PowerBridge as a way to assist credit union partners with the automated booking of loans into the credit union’s core processing system. Using PowerBridge’s system integration capabilities, credit unions no longer need to spend the time re-keying loan application and contract data into their core processing system to get the loan booked.

CUALN currently has relationships with more than 300 dealers. The market area generates on average $1.1 billion in auto loans. The use of Aimbridge technology will effectively triple the human resources currently devoted to selling and serving the dealer network.
Aimbridge’s indirect lending program is web based and tailored to meet the individual needs of each credit union and dealer. Aimbridge has already successfully reached into the Florida, Texas, Missouri, Ohio, Georgia, Maryland, Virginia and Michigan markets.
“PowerBridge is a very robust, on-line tool that is very user-friendly from a dealer’s perspective as well as a lender’s perspective,” said Michael Gordy, CUALN member and [ title ] of SECU Credit Union. “It really helped facilitate a very fast and speedy application and funding process, which is important from a service level, both for the member and the dealership.”

PowerBridge is currently used by credit unions for everything from real time membership verification to creating brand new member accounts in the CU’s core systems. As applications are submitted to Aimbridge from the dealership via AppLine®, the Aimbridge online application tool, PowerBridge checks to see whether or not the applicant is a member of a credit union on the Aimbridge program. If membership is verified, PowerBridge will pass back name, address, and member status information to pre-populate AppLine’s application screens. If membership is not found, AppLine will walk the dealership through the process of determining whether or not the applicant can become a member of a local area credit union.

Once a loan has made it through Aimbridge’s custom decision engines and workflow routing processes and the loan has been approved, the loan can be booked on the credit union’s system at the click of a button. “There’s an automated decision, which is very quick and generates an immediate response back to the dealer, those decisions that aren’t automated would go back to the credit union for a referral,” explains Gordy. “It is very critical that we get the information turned around in 30 minutes or less. If we don’t the deal is going to be shopped somewhere else and the dealer is left with a less than favorable impression of the credit union and the network. The speed in which we turn around decisions and funding is critical because we don’t want to tie up the funds going back to the dealer.”
According to Gordy, “PowerBridge is a very simple, user-friendly program that the dealers can understand very quickly and they find it very comfortable to work with.”

Gordy notes that the Aimbridge professionals are well informed and are extremely helpful throughout the entire process. “The Aimbridge staff is top-notch. They are experts in their field,” said Gordy. “It’s a well balanced group and they are very good in educating those they work with. They share best practices and their knowledge of the system really shows. We have complete confidence in them as a partner.”
“We are happy that our PowerBridge system is able to deliver the technology that will help CUALN members provide their customers with better, faster service on their auto loans,” said Ann Schmitt, COO of Aimbridge. “We look forward to working with CUALN members in the future to grow their business and expand the types of services they offer to their clientele. We are committed to helping all our credit union partners all across the country with innovative ways to market their products and increase their bottom line.”

About Aimbridge

Founded in 1984, Aimbridge markets financial products, such as auto loans, and insurance products through partnerships with credit unions. The company helps its partners attract members and deepen their relationships by providing members with more reasons to do business with their credit unions.

Aimbridge Lending is comprised of three divisions, including Aimbridge Indirect Lending, Aimbridge Financial Services and Aimbridge Disposition Services.  The company is headquartered in Denver and has remote offices throughout the United States.
For additional information, visit www.aimbridge.com.